When determining your premiums, your insurance companies will decide just how much of a risk you are, and the higher your risk, the more you will end up paying for your policy. However, there have been some extremely expensive insurance claims that no insurance company could be prepared for. These insurance fun facts about the most expensive insurance claims can help put your risk level at a more acceptable rating.

September 11th – while there is no way to put a price on the real loss of September 11, 2001, insurance companies did have to payout more than $40 billion for claims including property damage, business interruption, life insurance, and many other claims related to disaster.

Japanese Tsunami – the earthquake and tsunami that hit Japan in 2011 caused enough damage to bring the total cost to just under $40 billion. However, some experts suggest that the real amount of damage was much closer to $100 billion, just not for the insurance world.

China’s SARS Outbreak – the SARS epidemic began in the Guangdong province of China, but soon spread to 37 other countries in just weeks. Insurance payouts for people who passed away from the disease, travel cancellation, and business interruption insurance claims reached around $1 billion.

Northeast Blackout – a blackout in 2003 affected 10 million people in Canada and 45 million United States residents across eight states. The blackout brought on a $6 billion insurance payout due to looting, business interruption, grounded flights, and other issues.

Indian Ocean Earthquake and Tsunami – the earthquake and tsunami that hit the Indian Ocean on December 26th in 2004 affected many countries, which lead to insurance claims exceeding $1 billion.

For all of your insurance needs and to ensure that you have the right amount of protection in case of any disaster, contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota.

We love multi-purpose items. Shampoo and conditioner in one bottle? Awesome! A speaker and cooler in one? Sign me up! Pants that convert to shorts? Great! You may not have considered that your life insurance could also serve multiple purposes, but with a permanent life insurance policy it can.

Permanent life insurance is just want it sounds like- life insurance that is permanent, meaning it does not expire after a certain date in the way term insurance does. You may not think you will need life insurance even after you have stopped earning an income and the kids are out of the house, but would your spouse be able to maintain the quality of life you hope to enjoy in your golden years without you? Would he or she be able to achieve financial goals like amortizing your mortgage? Permanent life insurance protects your loved ones from the eventuality of life without you.

The benefits do not stop there, though! On top of the death benefit both term and permanent life insurance policies pay out, permanent insurance builds cash value as you pay your premiums. This value is built tax-deferred, meaning your life insurance policy can offer you a financial planning tool in the same way your retirement or tuitions savings plan can. You can even borrow this cash value during your lifetime with relatively low rates.

Ultimately, permanent life insurance is a multi-purpose solution to safeguarding your family now and in the future.

Do you have the life insurance policy that is right for your family and your current season of life? Contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota for all of your life insurance coverage needs. Our expert team can help you pick the right policy at the right price.

Life insurance is one of the most overlooked insurance policies. It is also one of the most vital policies, especially if you have a family. Investing in the right life insurance policy is the best way to ensure that your loved ones will be financially protected after you are gone.

Many parents have plans if their children get sick. However, it is equally important to make sure that you have a plan for your children after your passing. Life insurance policies will help your children have the financial cushion they need in life, when you are gone.

The payout of a life insurance policy, also known as the death benefit, can be used in many different ways. It can be used to pay off the mortgage of your home so that your family has a safe and secure place to live, or it can be used to pay for your child’s college tuition, ensuring they get the best education possible. It can also help your spouse maintain the current lifestyle of your family, since they will no longer be able to rely on your income.

If you have a new child in the family, it is important to look over your life insurance policy so that you know it will provide the right amount of coverage. The more dependents that you have, the more coverage you should invest in to make sure everyone will be protected after your passing. Talking to your insurance agent will help to make sure that you have the right amount of protection for your specific situation.

ContactThe Insurance Shop in White Bear Lake, Minnesota for all of your life insurance needs. We will help to ensure that you have the most comprehensive life insurance coverage to provide the financial protection your family needs after you are gone.

Fall is here and as the leaves begin to change color it may be a good time for you to begin changing your home and preparing for the ugly winter that could lay ahead. We at The Insurance Shop take your safety seriously and want to help you prepare your home for winter with these 5 easy tips.

It is time to get your fireplace ready for the winter. If you have not cleaned your chimney in a while it may be a good time to call a chimney sweep to clean up that soot. A screen on top of your chimney can help keep pests and vermin out of your home this winter.

Check your furnace to make sure it is working before the cold winds hit. A HVAC professional can inspect your furnace and clean out dirty ducts. Make sure to take out any flammable material and change out the filters of your furnace on a monthly basis.

A clogged drain can cause water backups so make sure to clean out all the fall leaves and any other debris that may have accumulated in your gutter using a scraper and a hose.

Check your doors and windows for any cracks that could expose your home to the cold weather outside. Weather stripping around doors is a great way to stop cold air before it enters your home.

Prevent plumbing freezes ahead of time by insulating your pipes. Drain your garden hose and find out where your water main is in case of an emergency.

Preparing for the winter ahead of time is a good idea for any homeowner. Make sure you get the right insurance coverage to keep your home and family safe this winter by contacting The Insurance Shop.

We specialize in coverage for auto insurance, life insurance, umbrella insurance, cyber liability and home insurance. The Insurance Shop in White Bear Lake, Minnesota can help you with commercial liability exposure and answer any life insurance questions you may have. Contact us today to find the right coverage for your home at a competitive price.

A home inventory list can make the processing of your claims at least 70% faster than it would have been without one. Processing a home insurance claim does not need to be as tedious as it sounds. Taking inventory by making a list of belongings and keeping track of receipts can make your claim a whole lot more efficient.

A home inventory is an easy way to speed up an insurance claim turn around and the best part is, once you start your home inventory list it is simple to keep it updated. Here are some tips to help you get started with your own home inventory checklist:

List off your possessions by category, age, and price. Include information about the condition of your item, the purchase price, cost of replacement, and where and when you purchased an item.

You can use photographs or video to simplify the inventory process.

Pay special attention to your more costly possessions and make sure to record the serial numbers of these items in your inventory.

Hold on to any receipts you may have especially for items that are more expensive.

Keep two separate copies of your inventory at home and in a safe place away from home.

Estimating the cost and replacement cost of an item is something you need to do when you file a homeowners insurance claim. Know that prices may fluctuate depending on the value and age of an item.

Inventory can be very time-consuming but there is no need to fret, you do not need to finish it all in one day. Tackle your home inventory list with one room at a time to make it more manageable.

The Insurance Shop wants you to be prepared with all the tips and tricks to simplify the insurance process. We are here to answer any of your life insurance questions and offer you the best insurance solutions for your needs. The insurance shop is a group of experienced insurance agents in White Bear Lake, Minnesota offering coverage options ranging from homeowners insurance, cyber liability, life insurance, and auto insurance at a competitive price. Contact us today to get started with your coverage.

Summer is always better if you are geared up to enjoy it but now that summer is coming to an end it is time to start putting your summer toys into storage to keep them safe through the winter. Not properly storing your summer gear can cause expensive damage. You want your babies to be ready to use as soon as it starts heating up again so make sure you properly store your gear for the next summer with these storage tips.

Storing Your Boat- Not only do you have to clean the outside of your boat for storage but you also need to pay special attention to the interior. Make sure to fill up the fuel tank with stabilizing gasoline and flush clean water through the engine cooling system before storing your boat away. The cover you use should fit your boat snugly from the top to the water line.

Storing Your Motorcycle- The fluids of your motorcycle need to be changed before storage so make sure to change out the oil and to top off the brake fluid. Check to see that the tire pressure is good and that everything from the engine to the throttle is working properly. Storing your motorcycle without a full tank can cause ice crystals to form causing costly damage so do not forget to fill up that gas tank?

Storing Your RV- Check vital engine systems in your RV like spark plugs to assure that they are working properly. Empty the water tanks and check tires for pressure or any wear. Clean out the interior and add a dehumidifier before storage to absorb moisture and prevent damage from mold.

Keeping All Your Gear Safe- Even if they are not in use during the winter, your expensive gear still should be protected with the right insurance coverage. If someone gets hurt storing your vehicles or if you feel like spontaneously taking them out of storage, they need to be covered.

The Insurance Shop in White Bear Lake, Minnesota can help you find the right insurance coverage for your summer gear! We are a group of experienced independent agents committed to providing the best coverage at the lowest rates. We also offer coverage options like home insurance, life insurance, auto insurance and umbrella insurance. Contact us to get started with your coverage today!

Running a successful business means understanding Cyber risks and doing what you can for your Company to avoid liability. As technology becomes more prevalent in business it is more important than ever to consider the risks of a data breach and prevent the disastrous consequences early on before they affect the clients of your business.

Keeping customer’s information safe should be a good business owner’s priority. Data theft can happen to any business big or small and if your customers lose trust in your company it can be difficult to gain it back. Cyber insurance is the best option to keep your business protected against hackers and any online breech.

Here are some common cyber risks that are covered by a cyber-liability policy:

Data Breaches- Your Company has a responsibility to protect any personal information given by your clients and is legally bound to notify every client affected by a data breech. This and any security fixes can be costly to your business unless you are covered by a cyber-liability policy.

Intellectual property rights- If your business has an online presence there are some libel, copyright, and trademark risks you should be prepared for. This insurance will give a business owner peace of mind when it comes to the corporate website.

Damage to a third party systems- If an email from your server contains a virus and is sent out to your customers your company can be held liable for the third party damage or loss. A cyber liability policy can ensure coverage if this happens to your business.

System Failures- Any physical damage resulting from a loss of data that happens from a disaster such as fire or malicious activity is covered with a cyber-liability policy.

Cyber extortion-If a hacker hijacks your company’s website, demands money, and temporarily causes a loss of revenue, this insurance will have you covered.

Keeping your business and its clients as protected as possible is important. The Insurance Shop can help your business avoid cyber liability with the right coverage. We are a group of experienced independent insurance agents in White Bear Lake, Minnesota that will work to find you and your company the best coverage at a competitive price. We also offer home insurance, life insurance, and umbrella insurance to keep you as protected as possible. Contact us today for more information.